Travers Smith LLP has advised Benchmark Holdings PLC, the international animal health, technical publishing and sustainability science business, on its £70m fundraising and proposed acquisitions of SalmoBreed and Stofnifskur.

Benchmark is a market leader in the supply of applied biotechnology, sustainability science and knowledge transfer to animal health, aquaculture & agriculture and the food supply chain.  The combination of Norwegian-based SalmoBreed and Icelandic company Stofnfiskur, will bring together the strengths of SalmoBreed in genetics with Stofnfiskur's biosecure production to create a world-leading salmon and aquaculture breeding business. The new business is expected to be the world’s second largest salmon egg producer.

Additionally, the acquisitions will create a fourth business division within the company -  Benchmark Genetics & Breeding. The new division will have diversified target markets and genetically advanced strains, reflecting Benchmark’s continued commitment to the aquaculture industry, which now supplies more animal protein to the global market than beef.

Benchmark will acquire the entire issued share capital of SalmoBreed and 81.84 percent of the issued share capital of Stofnfiskur for an aggregate consideration of £40.2m, and is carrying out a placing to raise gross proceeds of approximately £70 million to fund, amongst other things, the acquisitions.

The Travers Smith team which acted on the transaction, advising on the fundraising and aspects of the acquisitions, was led by corporate partner Anthony Foster, who was supported by corporate associate, Jenni Harley.

K&L Gates advised Cenkos Securities (nomad and broker to Benchmark).

Benchmark is an existing client of Travers Smith, whose corporate team also led by Antony Foster, acted for the company on its AIM IPO, in December last year.

Arntzen de Besche (Norway) and Fjeldsted & Blöndal (Iceland) advised Benchmark on the acquisitions.